Near Field Communication (NFC) is a short range contactless communication medium between devices that can transmit and receive information. NFC technology is growing in the market as many smartphone manufacturers are integrating NFC service in their device for faster communication. A wide range of applications include payment, booking, and data sharing has made this technology attractive and enhanced the scope of implementation of this feature in many devices.

It is important to recognize the role played by NFC as a growing technology. The most obvious benefit of NFC and the contactless payment systems it creates is its ease of use. NFC has enabled the facility of not carrying multiple cards and money for making payments, just a tap to run all the transactions. The most important aspect of this technology is its versatility as it is not only used for making payments but also for data sharing, reading information from smart posters, and providing authentication wherever required.

The report has been segmented in three verticals- products, applications and geography. The product segment caters chips, tags, readers, and auxiliary products, which include micro SD card, integrated SIM card, and mobile covers. The application segment is divided into eight major types of applications, namely- payment, transportation, booking, data sharing, service, access control, healthcare, and tag applications. The geography segment includes Americas, Europe, Asia-Pacific (APAC), and the Rest of the World (ROW).

This report is focused on giving a detailed view of the complete NFC technology with regards to the products and application market with detailed market segmentations; combined with qualitative analysis at each and every aspect of the classifications done by technology, products, auxiliary products application verticals (sectors), sub- applications, and geography. All the numbers, both in terms of the revenue and volume, at every level of detail, are forecast till 2022 to give a glimpse of the potential revenue base in the NFC market. A detailed competitive analysis, market share analysis has been done for the NFC market.

In this report, the NFC market has been segmented into the following categories:

Near Field Communication (NFC) is considered as one of the most trend setting technologies owing to its presence, usage, and overlap with many other industry verticals. There is an extremely high surge in the market for NFC products and applications in which these products can be employed. NFC works with contactless smart cards and readers, and can be easily integrated into the public transit payment systems in places that use a smart card swipe. The benefits of NFC have impacted daily lives of consumers such as making contactless payment from their smartphones, ticket booking for transportation, and for providing medical professionals with information about what treatments a patient should receive.

The companies invest most of their revenues in R&D to make the concerned improvements in their technology. Also, the supply chain in this industry is a major supporting factor that has helped thistechnology to reach new heights. Many companies are taking initiatives to intensify their R&D practices, to implement advanced technology in smartphones and other wearable devices for fast and secure transactions, and communication between devices.

The NFC market is segmented based on Market by product, application, and geography. The market by product gives an in-depth analysis of IC/chips, tags, readers, micro SD cards, SIM cards, and mobile covers. The application segment is divided into eight major types, namely- payment, transportation, booking, data sharing, service, access control, healthcare, and tag applications. The market by application and geography are also discussed with a detailed explanation of each and every aspect related to it.

NFC market by geography is divided based on different geographic locations - Americas, Europe, APAC, and ROW. Americas is the largest market by geography due to the fact that the major part of the electronics and semiconductor industry is based in countries like U.S., Canada, and Mexico. There are many other companies that have their presence in this market.

Global NFC Market (2013-2022)

Source:MarketsandMarkets Analysis

The near field communication (NFC) market is expected to reach $16.25 billion by the end of 2022 at a CAGR of 8.83%.

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